Time X has struck for Brexit. Theresa May worked all night to untie the Irish knot and thus meet Sunday's deadline, the deadline set by the EU for an agreement. The British premier landed in Brussels at dawn to announce the agreement on phase one of Brexit: the rights of the four million Europeans living in London will be respected, the United Kingdom undertakes to pay an amount of around 50 billion pounds. Finally, a special status will be granted for the border between Ulster and Dublin. In early European morning trade, the pound slowed to 1,3456 (against 1,3512 on the previous day).
Ultimatums are fashionable not only for Brexit, but also in the US. The final text of Donald Trump's tax reform must be ready by December 22, is the promise of the Republicans of the Senate and Congress.
VIRTUAL CURRENCY STRESS. WALL STREET RELY ON YOGA
Bitcoin is about to strike the hour X too. They will leave on Monday the official exchanges at the Cme in Chicago on virtual currency, which plunged overnight to 15 dollars from 19, but which promises thrilling swings even today. The entry of virtual currency into the circuit of official listings has aroused the tough stance of the major US banks, worried about the consequences on the futures market. But the real news is that from Monday it will be possible to bet against Bitcoin.
In short, there is no shortage of emotions for the markets. And that perhaps explains why Wall Street's leading stock was yesterday Lululemon (+6,43%): the Canadian company that produces clothes and other accessories for yoga has announced a double-digit increase in sales and profits, an indication that the world, overloaded with adrenaline, is in search of serenity.
CHINESE EXPORT BOOM. FLY THE GDP OF TOKYO
In the meantime, Meteo Borsa signals a clearing of skies over the East. Tokyo advances (+1,1%) after the statistics have revised the Rising Sun's GDP sharply upwards, up by 2,5% (twice as expected). The news from the Chinese economy is even more positive. Exports rose by 12,3% in November, more than double the forecast. Imports are even more effervescent (+17.7%). The Asian and Sidney price lists are on the rise.
American markets also rose as they wait for the most important data of the week: the numbers of the labor market, the latest indication before the meeting on the Fed's rates, scheduled for next week. The estimate is 200.000 new jobs.
THE FORD-ALIBABA AXIS IS BORN
Both the Dow Jones (+0,27) and the S&P index (+0,24%) rose. The Nasdaq index rose 0,39% under the pressure of technology stocks. Leads the race Facebook (+2,31%) ahead of Google (+1,23%).
In progress General Electric has announced the cut of 12 jobs in the turbine sector. Ford (+1,21%) has signed a historic agreement with Alibaba: the Chinese e-commerce giant will sell the Detroit-based company's cars on its T mall platform.
Oil on the rise: Brent at 62,19, Wti at 56,65. The threat of strikes in Nigeria pushed prices up.
THE EUROZONE ACCELERATES. MILAN +0,7%
Positive session for the European Stock Exchanges, favored by the performance of Wall Street and by the growth of the GDP of the Eurozone in the third quarter (+2,6% against the estimate of +2,5%). Futures signal an upward start in European stock markets.
The Milan Stock Exchange closed up on the highs of the session, the Ftse Mib index +0,68% at 22.459 points. Down only London (-0,37%) awaiting news on the agreement with the EU. Plus sign across the Eurozone. Paris +0,18% and Madrid +0,7%. Frankfurt is also making progress (+0,36%). German industrial production unexpectedly dropped for the second consecutive month: in October there was a monthly decline of 1,4% but, comments the Ministry of Economy, "the good performance of orders and, above all, commercial expectations more optimistic signals the continuation of a good momentum for the industry”. Over the year, German industrial production recorded growth of 2,7%.
BASEL III, THE AGREEMENT SAVES THE RULES ON BOT
In a session with trading reduced to a flicker, the ten-year BTP rate marked the lowest for more than a year at 1,67% (-4 points). The spread on the Bund, unchanged at 0,29%, fell to 167 points. During the day, the Treasury carried out a repurchase operation on the Ctz expiring on May 30, 2019 for a nominal 450 million euros.
The market is already looking to 2018: according to Unicredit, the net supply of Italian government bonds, after deducting the purchases by the ECB, will return positive by around ten billion, for the first time since the beginning of quantitative easing.
The final agreement on the Basel III rules, which closes the post-financial crisis chapter, "is a major milestone that makes the framework of capital rules robust and improves confidence in the banking system". This was stated by Mario Draghi, commenting in a statement on the agreement reached by Ghos, the body (chaired by him) that leads the Basel Committee.
Italy has a very good reason to celebrate: the feared changes to the rules relating to banks' exposure to sovereign debt have not been introduced. The agreement, the result of a long-sought compromise, also includes new provisions on the 'output floor' which will be introduced at 50% from 2022 and then rise to 72,5% by 2017 January XNUMX.
Meanwhile, Italy's Target2 debt has risen to a new record level. At the end of November, the country's liabilities on the Eurosystem payment system amounted to 435,883 billion euros compared to 412,443 in the previous month.
BANKS: GENOA SMILES, SUFFERS CREVAL
The positive outcome of the capital increase by Banca Carige (+9% to 0,10109 euros). The operation closed with acceptances equal to 66% of the shares offered for a value of approximately 331 million euro. The tranche reserved for subordinated bondholders received subscriptions equal to 77% for a value of approximately 46 million. Vittorio Malacalza subscribed 87 million Carige shares by exercising option rights of the capital increase, with an investment of 870 thousand euros. The entrepreneur is the first shareholder with 17,6% of the bank's capital personally and through the Malacalza Investimenti holding.
The happy outcome of the increase has removed a boulder from the banking sector. Advance B for Bank (+3%), ahead of Bpm bank (+2,6%). Well too Unicredit (+1,95%). Still sales on the other hand Valtellinese credit (-6,58% to 1,22 euros). Rating agency Fitch cut the long-term rating (IDR) of the ex-popular institution to B- from the previous BB-. According to Fitch, the downgrade is due precisely to the weakened profitability prospects of Creval after the decision to accelerate the process of reducing non-performing loans. The decision will lead to massive write-downs of NPLs (bad loans) which will weigh on the income statement.
In the managed purchases on FinecoBank (+2,27%) on the wave of positive assessments by analysts on November collection. On the rise Generali (+0,9%). Generally positive day for blue chips.
MEDIASET-VIVENDI: CONFALONIERI FORESEES THE AGREEMENT
Still rallying Telecom Italy (+2%) which continues to benefit from the news that emerged from the group's latest board of directors, including the evaluation of the network's spin-off. Analysts remain positive on the stock. Mediobanca adjusted the target price to 1,34 euro from 1,30 euro. Outperform rating confirmed.
Mediaset +0,1%. The Alfa Romeo company hopes to reach an agreement with Vivendi on the French group's failure to acquire Premium by December 19, the date on which a civil court hearing is set. So said the president, Fedele Confalonieri, intercepted by reporters in the interval of the premiere of La Scala.
A2A SCORE THE HIGHEST SINCE 2009
Among the utilities, A2A +1,2% to 1,62 euros, the highest since 2009. In luxury, you can also shop at Moncler (+ 1,56%) and Luxottica (+1,28%). Reverse course Prysmian (+0,22%) after the sales following the acquisition of General Cable.
It also stops the descent of stm, unchanged. Liberum Capital confirmed the buy recommendation and the target price at 23 euros. Analysts believe the stock's recent weakness presents a buying opportunity.
They closed in the red Ynap (-1,5%), victim of realizations after yesterday's gains, Cnh (-1%), held back by the negative opinion of Kepler Chevreux e Buzzi (-1,1%). Among the mid caps, the landslide of Astaldi (-3,3%).
